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Texas Teacher Retirement System, Austin, invested $200 million in restricted securities of Delta Topco, a privately held sports media business and holding company that owns Formula One Group, confirmed spokesman Howard Goldman.

The investment makes the $113 billion pension fund a direct owner of restricted securities, alongside the CVC Capital Partners funds that control the company since it was acquired in 2006, Mr. Goldman said in an e-mail. Texas Teachers' direct equity stake will be just under 3%.

CVC Capital Partners is one of Texas Teachers largest private equity managers.

The pension fund expects the investment to enhance and diversify the private equity portfolio, according to a news release. The pension fund has $13 billion invested in private equity funds and portfolio companies. About 10% of the private equity portfolio is in similar investment opportunities, Mr. Goldman said.

In May, CVC Capital Partners sold a 21% equity stake in Formula One for $1.6 billion to Waddell & Reed,
BlackRock (BLK) and Norges Bank Investment Management. CVC still retains a stake in Delta Topco.